Normac was excited to participate in the recent CAI Canada‘s first virtual conference, V CON(DO) 2020. We enjoyed meeting people during the virtual tradeshow and we’re pleased to sponsor the panel session, The Condo Insurance Crisis: Where do we go from here?
Watch the full presentation here:
Key take-aways:
Get a current replacement cost appraisal regularly to ensure you are paying the correct premiums and have sufficient insurance coverage.
Get a reserve fund study and maintain your building. This can help to prevent incidents and claims, and make you more attractive to insurers.
Use your insurance for emergencies and accidents, not maintenance.
Upgrade elements after a loss instead of just replacing them. Example: Frequent hail damage? Get a hail resistant roof, such as rubber shingles.
An insurance appraisal by Normac ensures that you always have a current replacement cost value for your property. This means you will always be sufficiently insured in the case of a total loss, that you can receive better terms and insurance rates, and that you fulfill your fiduciary duty set by your provincial condominium bylaws .
